The Top 10 Energy Stories Of 2018

As 2018 comes to a close, it’s time to review the top energy stories of the year. This year there wasn’t an overwhelming choice for the top story as we have had in some previous years (e.g., the Deepwater Horizon spill), but many of the year’s biggest developments impacted oil prices.

Here are my picks for the stories that shaped the year in energy.

Oil price roller coaster

The price of West Texas Intermediate (WTI) opened the year at $60/bbl. Brent crude was just under $67/bbl. By early October, on the back of several developments that are covered in other stories below, WTI was closing in on $80/bbl and Brent was above $86/bbl. But then prices collapsed in part because the ongoing trade war with China caused them to stop importing U.S. oil, and in part because sanctions on Iranian exports were waived at the last moment — after Saudi Arabia had already increased production to compensate for Iran’s lost exports. The overall impact was a collapse in the price of oil. As we head into the last week of the year, WTI has fallen to $45/bbl and Brent crude is at $54/bbl.

U.S. shatters oil production record

Early in 2018, the Energy Information Administration (EIA) announced that the previous monthly record for U.S. crude oil production – 10.044 million BPD set in November 1970 — had been broken. U.S. oil production would continue to rise steadily throughout 2018, reaching 11.475 million BPD by September 2018 (the last month for which monthly numbers are available).